1. Most are using
C3_Max Spark or TS_V9 or both. This is what I use among others. It is C3_Max_Spark with TS_V9 (arrows), C3_MF_Line, etc.
http://tos.mx/H7Xrhwx (see this post for screenshots https://usethinkscript.com/threads/confirmation-candles-indicator-for-thinkorswim.6316/post-117629)
2. Timeframe depends on personal preference and your trading style
(what are you trading? Options, Shares, Futures? How often? Daily, Weekly?) As for the higher timeframes you see posted... Generally speaking one would look at the monthly/weekly/daily before market open as you will see major support resistance levels
(or supply and demand zones) also when trend exhaustion, TS_V9, Spark arrows, etc. occur on the higher timeframes this will generally result in some significant moves while trading the lower timeframes. Basically we look at them to look at the longer term trend because it is usually best to trade with the higher timeframe trend not against it.
@Christopher84 basic strategy involves using the hourly to determine which direction to trade meaning if the hourly is in an up-trend only take long trades - if the hourly is in a down-trend only take short trades
(the trade entry and exits are done using the 5min chart).
3. My recommendation... do not use confirmation candles use the C3_Max_Spark & or TS_V9 or both. turn off all arrows except for Spark Up Spark Down and TS_V9 arrows
(if you load the style linked above it will already be setup) (see answer 1). As for the issue of too many arrows see the screenshot from the post linked above where I point out a great entry and higher risk entry
(although it may not have actually been higher risk but more so one was a great entry and the other a good entry I suppose) my point being when the price has not broken down out of the supply zone you can ignore the down arrows and vice versa with up arrows - you could also choose to ignore the arrows that go against the EMA cloud or the C3 line color. I suggest watching two charts 3min and 10min or whatever you so choose. When you see a directional indication on the lower timeframe wait to see if the higher timeframe confirms that direction as this will make for a safer entry.
Test now trade later... I am not a big advocate of paper trading as it is not the live market.
IF you have the
discipline... trade
one share at a time,
one contract at a time until you find what setup works for you.
May the odds be ever in your favor.
Good day.
LOL
